Instead, the book shows that the transformation of U.S. securities markets did not occur as a result of a smooth, or even, linear process. That situation was to undergo fundamental change from the Civil War through the end of World War 1 but the development of U.S. financial system was of limited significance given the relatively modest resources that financial institutions committed to investment in, and lending on, corporate securities. After the Civil War, these markets had a narrowly circumscribed relationship to the country's real economy, being largely dominated by railroad securities. securities markets became central to the institutional fabric of U.S. history, often in the context of crises.ĭividends of Development: Securities Markets in the History of U.S. Moreover, these markets have had a high profile in some of the most dramatic moments in U.S. economy is seen as an archetype of a capitalist system in which securities markets play a central role. The unprecedented importance of finance in our societies, as well as its central role in provoking economic crises, has generated an enormous interest in understanding the historical origins and evolution of modern financial systems.
Oxford Commentaries on International Law.
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